How to switch credit cards
Thinking about switching credit cards? Switching can have a lot of different benefits but there are important things to consider too.
Estimated read time: 3 mins
First up, think about what you want to get out of a switch. This will help you decide what credit card will work best for you.
You could be looking to move your balances onto one card, make your monthly repayments easier to manage, or to pay less in interest. Or perhaps you want to get more back when you spend, with things like rewards, points or cashback.
There can be pros and cons to switching your credit card. We’ll cover the important things you need to think about before deciding whether switching is right for you.
What are the benefits of switching?
When you switch credit cards, it could help you:
- Save on interest – transfer high-interest balances to a card with a 0% rate
- Get better rewards – cashback or points on your spending
- Simplify your finances – combine your balances and pay one manageable monthly payment
- Get perks for travel spending – pay zero or lower foreign exchange fees when you spend abroad
- Spread the cost of big purchases – with 0% purchase cards
We have different Vanquis Credit Cards that could help you with your goals.
We have different Vanquis Credit Cards that could help you with your goals.
What should you consider before switching cards?
Before switching, it’s a good idea to think about your financial circumstances and your reasons for making a switch.
Think about your current balance, spending patterns, credit health and upcoming plans. This will help you decide what you want to get out of switching.
- Is there a balance transfer fee? If you’re looking to move to a promotional 0% interest deal, check whether there’s a balance transfer fee and factor that in. If you’re looking to pay off your balance, will you be able to do this before the promotional rate ends?
- What credit limit do you need? If you’re looking to transfer a balance, you’ll usually be able to transfer up to around 90% of the new limit.
- Can you keep up with the repayments? Make sure you’re comfortable with what the monthly repayments will be and check they’re affordable for you.
- Is the new card right for you? Is the card you’re looking to choose going to work to help you meet your goals?
- Have you checked your credit health and chances of approval? Look for cards that have eligibility checkers so you can check your chances of being approved before making an application.
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Our Credit Risk expert says...
“Reviewing your credit card needs is a good idea to see if there’s a product that better suits what you want to use your card for. But don’t feel like you have to switch. For some people an extra card can make sense, other times keeping things simple can be the best move.“
Matt Oliver, Lead Credit Risk Analyst at Vanquis.
Switching cards – the pros and cons at a glance
Pros:
Depending on the card you move to, switching could mean…
- 0% interest periods on balance transfers and purchases. These can help you pay down your balance.
- Making your card work harder for you. Getting things like cashback, travel points, rewards or vouchers back on your spending.
- Lower long-term interest or fewer fees.
- Debt consolidation – making monthly payments more manageable.
Cons
- Hard credit checks – or making too many applications close together – may impact your credit score.
- Promotional rates expire. Can you pay off your balance before the promotional rate ends?
- Balance transfer fees are around 2 to 5%. Are you comfortable with these fees if transferring a large balance?
- Potential to overspend if you move to a low rate.
- Loss of existing benefits.
- Eligibility issues. Look for cards that have eligibility checkers you can use to see your chances of being approved before making your application.
Learn more about the different types of credit cards.
How to switch credit cards – step by step
1. Be clear on your main goal of switching
What’s the main aim of your switch – to save on interest, get rewards, travel benefits or something else?
2. Find a card that works for you
Will the card give you what you’re looking for? For example, if you’re looking to pay less interest and combine your balances, look for a 0% balance transfer over a longer term.
3. Check your eligibility
Use ‘soft check’ tools like our eligibility checker to see your chances of being approved, before making your application.
4. Activate your new card
Follow the instructions to activate your new card once it arrives. If you’re transferring balances, remember to do it in time to get the promotional offer.
5. Contact your new credit card provider to make any balance transfers
You can usually do this through the credit card app, or through the website.
6. Set up your monthly repayments
Repay strategically. If you’ve completed a balance transfer, consider when your promotional rate ends. Then work out how much you need to pay each month to clear your balance before the promo rate ends, if it’s affordable.
Vanquis Credit Cards
Whether you’re looking to simplify payments or improve your credit, our Vanquis Credit Card range is designed to help.
Easily check your eligibility for all our cards with our free tool – explore your options without affecting your credit score.
Representative 42.9% APR (variable)
Frequently Asked Questions
Can I switch if I have a balance on my current card?
Yes. Balance transfer cards can let you move existing balances from other cards and benefit from zero or lower interest rates for a period of time.
If you’re an existing Vanquis customer, get in touch with our friendly team on 0330 099 3000* who’ll be happy to talk you through your Vanquis switching options.
Should I close my old card?
You might not want to close it straight away. This should help keep your credit score stable. Keeping your card open can also help with your overall credit utilisation percentage (how much you’re using of your available credit). The lower this is, the better it is for your credit score.
If your reason for switching is to try and pay down your balance, you might want to be careful not to spend on the old card. Only ever spend what you’re certain you can repay.
What if I don’t repay in the 0% period?
After your promotional 0% period ends, the standard APR applies. This means you’ll start being charged interest on any outstanding balance. So try to pay as much as you can afford before your promo rate ends.
Can I switch cards with bad credit?
You may be able to, but you may have fewer options. Sometimes approval for standard or reward cards, or cards with promotional offer rates, can be unlikely. You may only qualify for credit builder cards with lower credit limits (and won’t be able to transfer a balance to the new credit builder card).
Can I switch to a joint credit card?
Joint credit cards aren’t something that’s offered in the UK. But a lot of credit card providers will allow you to add an additional cardholder to your account. In this case, the additional cardholder can spend on the card, but only the main account holder is responsible for repaying the debt.
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